I have written this on the day I turned 30 a few years ago; it is still relevant as I was reading it again… enjoy!
“In a nutshell, the hard facts discovered are that most entrepreneurs start with dreaming of ideas and working on it; they fall into it mostly by circumstances, obtain money from family and friends to start, work day and night to build products to sell and if lucky, they sell at a profit and if very lucky, sell their business and get paid for it.
However, most of the time, entrepreneurs find difficulties in keeping their customers happy; making their business profitable and even supporting their family.
That’s the life of an Entrepreneur – when you are employed, you have only one boss to answer to but when you are an Entrepreneur, everyone else is your BOSS! (My realization is that you are creating jobs and not a business.)
Every year, many new businesses take place; while similar number of businesses closes down. About 1/3 of businesses cease in the first 2 years while more than 1/2 fail within the first 5 years. Businesses often cease due to lack of funds to operate; outgoings more than the incoming. Despite that, many are still determined to learn and start their own business.
Apart from the fact that it has a better odd than striking a lottery, many strive to be entrepreneurs to get a slice of the possibility of a “better life” and the “success stories” glorified by the media. Many also decide to be entrepreneurs with the impression that the “Grass is greener on the other side” or they have always wanted to work for themselves, so why not now?
Others would have “outgrown” their employer and cannot seem to take orders anymore. There are also others who decide to embark in entrepreneurship because they have no choice as they are unemployed or they want to test the waters and see if their idea actually works or even due to fear that a more financially fulfilling life is passing them by.
Whatever the reason or motivation may be to be an entrepreneur, if the underlying reason is not STRONG enough, success is less likely achieved. Business is just a series of procedures set out to achieve commercial goals to better the life of one or many. Most importantly, an entrepreneur is not the one who just starts a business but sustains it as a going concern as well. Success is a not a criteria but a GOAL.
Is starting a business made easy with today’s technology?
In the older days, starting a business would mean setting up the store physically, getting supplies and start selling. The market is most of the time within that particular locality.
TODAY, starting a business has taken another dimension because of this information driven K-economy that led to the realisation of a Global Village through effective communication (satellite and internet); overcoming the problem of distance and thanks to the low cost airlines, making it affordable. YES, Thomas Friedman, the world is indeed flat.
There are now more options in which a business can take its form:
- you can start a business at the comfort of your own home through the internet;
- you can subscribe to a MLM business model that works on leverage;
- you can operate a franchise with all procedures set out nicely for you; AND
- you can sell products on TV through telephone and SMS.
The possibilities are enormous and the market is no longer limited.
Entrepreneurs can now make transactions with their nearest neighbors and also with the Eskimos in the North Pole at the same time. They can have virtually no capital and no experience to start a business. Thus, starting a business has been made easy with today’s technology, just as the definition of business has been constantly challenged for a greater boundary.
Has “Entrepreneurship” changed with today’s globalization?
To start a business is one thing but to sustain the endurance of a business’ ups and downs are the essence of true “Entrepreneurship”. It is about the character of the business, the soul and beyond.
Global Village is the result of globalization. The earth is flat now and anywhere is highly visible. Boundaries are no longer strictly observed as everyone has the window to the world independently. It is now the survival of the fittest. The ultimate rat race!
Consumers are empowered with too much information which leaves the entrepreneurs with a lesser chance to survive if they are not learning and executing fast enough. Entrepreneurship has evolved on a higher scale of the value chain. Smaller business operators should therefore pool their resources together to further enhance their chance of survival. (Verne Harnish, I didn’t quite understand your famous opening phrase until recently although I first heard you said “when you wake up, you better be learning!” many years ago.)
The best way to learn is to share. Synergy is the aim, do not go alone!
The five (5) key essences of being an Entrepreneur are:
- Positioning in the Industry
- Importance of Business Module
- Ability to prepare Product/ Service
- Sourcing for the Business
- Knowledge Acquisition Capacity
It is essential that entrepreneurs possess courage to keep trying, desire to keep wanting and passion to keep going.
Here is my (humble) list of DON’Ts and DOs:
DON’Ts for Entrepreneurs
- Do not give up!
- It’s never easy, that’s why you are special!
- Do not stay in your comfort zone
- because nothing will happen there!
- Do not stop moving forward
- when you stop, it starts to get rotten!
- Do not expect fairness
- it has never been; it will never be!
- Do not take yourself too seriously
- there is still an element called “luck”!
DOs for Entrepreneurs
- Do focus on What You Want
- you are what you think you are (do consider your talents said Marcus Buckingham)!
- Do decide!
- a good act today is better than a perfect act tomorrow.
- Do measure the significance!
- Critical numbers tell stories!
- Do share!
- sharing is the best way to gain (Karate Philosophy: Mind like still water! You got to empty something before you put something in.)!
- Do smile!
- We are not here for a long time but for a GOOD time!
Good Luck and keep striving to be the Entrepreneurs you’ve always dreamed of becoming. The opportunities are endless; you just have to know how to take them. That’s my two (2) cents worth for you.
Welcome to my world!
Chris Tan
November 2006”
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